Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Investments | 3 |
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800 | 700 | |||
Creditors: amounts falling due within one year | 4 | (
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Net current liabilities | (100) | 0 | ||
Total assets less current liabilities | 700 | 700 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital | 5 |
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Total shareholder's funds |
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Director's responsibilities:
The financial statements of Kinetics Controls and Innovation (Holdings) Limited (registered number:
Roy Mackenzie
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Kinetics Controls and Innovation (Holdings) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 28 Albyn Place, Aberdeen, AB10 1YL, United Kingdom.
The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Interests in subsidiaries and associates are initially measured at cost and subsequently measured at cost less accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets which include debtors are measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities including creditors are initially recognised at transaction price.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
The financial statements present information about the company as an individual and not about its group. The company has not prepared group financial statements as it is exempt from the requirement to do so by virtue of its size.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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2023 | 2022 | ||
£ | £ | ||
Subsidiary undertakings |
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Investments in subsidiaries
2023 | |
£ | |
Cost | |
At 01 September 2022 |
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Additions |
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At 31 August 2023 |
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Carrying value at 31 August 2023 |
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Carrying value at 31 August 2022 |
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2023 | 2022 | ||
£ | £ | ||
Amounts owed to own subsidiaries |
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Details of the Company's subsidiaries at 31 August 2023 are as follows:
Kinetics Controls and Innovation Limited - 100%
Kinetics Controls and Innovation (Europe) Limited - 100%